GTES vs SPY: Correlation
Measured on weekly returns over the past three years, Gates Industrial Corporation Ltd. (GTES) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTES and SPY?
Across a 3-year window, the weekly returns of GTES and SPY correlate at 0.53, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.30 versus 0.53 over 3 years. Stretching to 5 years gives 0.56, with an annualized covariance of 266.0 %².
Among the 22 assets we track against GTES, SPY ranks #12 by 3-year correlation. The last year tells two different stories: SPY led by 19.1 percentage points, +1.5% for GTES against +20.6% for SPY. One caveat on sizing: GTES is 2.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
GTES vs SPY: side by side
| GTES (Gates Industrial Corporation Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.5% | +20.6% |
| 5-year return | +56.6% | +82.4% |
| Volatility (ann.) | 35.0% | 14.5% |
| Beta vs S&P 500 | 1.27 | 1.00 |
| Max drawdown (3Y) | -33.8% | -18.8% |
| Market cap | $6.7B | – |
| P/E (trailing) | 18.8 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | GTES | SPY |
|---|---|---|
| 2022 | -28.3% | -18.2% |
| 2023 | +17.6% | +26.2% |
| 2024 | +53.3% | +24.9% |
| 2025 | +4.4% | +17.7% |
| 2026 | +22.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTES and SPY good diversifiers for each other?
Only partially. A correlation of 0.53 means GTES and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GTES and SPY?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.30 over the last year and 0.56 over 5 years.
Is SPY a good diversifier for GTES?
Only partially. A correlation of 0.53 means GTES and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gtes-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gtes-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GTES correlations · SPY correlations
